366
La Ch'uan-lin and Yuan Shih-k'ai, as well as by the board of Finance; all of which, under a Decree of April 26th, were handed over to the Government Council and the Senate for consi. deration. All this shows sufficiently the great care which has been bestowed by the Throne on this important question.
Now, the freedom of communication through- out the world renders this question of currency of still greater import than ever before, if we were to follow the rest of the world we should adopt a gold standard. But if the present con. ditions prevailing in China be our guide, we should use a silver standard. Moreover, if the principles underlying the development of cur- rencies be examined. it will be found that between the extre ine of copper and gold there must always be the intermediary; stage of a silver currency and for these reasons it is both right and suitable that China should now begin at first with a silver standard. But although the adoption of a silver currency has been unanimously advocated, there has been by no means the same unity of opinion as to whether it should be a tael or dollar currency. The present memorialists have considered this point most profoundly, and from the reports of the Governors-General and Governors of Pro- vinces that eleven Provinces favour the tael
against sight in favour of the dollar the remain der either advocating the use of both concur- rently, or proposing the introduction of a new coin of 7 mace.
:
Tang Tachon in his Memorial also favoured the tael currency and from the point of view of national dignity it seems to us that we ought to try and stand alone, and that we cannot afford to throw away our sovereign rights in order to gratify the wishes of others; while from the point of view of the people we should follow a course suitable to the greater number, and not change a tradition of the country for the cou renience of open ports or trading ports. This is as much a fundamental principle for our guidance in making the enactment to-day, as it will be an essential factor for the future success
of the measure itself: and as we have dealt with this point in previous Memorials there is no need to elaborate it further. We now propose merely to present a few of the principal argu- ments on both sides in the problem of adopting
a dollar or a tael currency.
From the point of view of public convenience it has been said that as a large supply of dollars already exists. it would be simpler to extend their use than to adopt a táel currency. But it must be borne in mind that in every used it is alwars place where dollars in combination with sycee: while in all the places were sycee is used it by no means followS that dollars are also current.
are
Chinese dollars were originally coined in order to oppose the invasion of the Mexican dollar, and it seems to us that if a national currency is specially established, everyone will have perfect confidence therein.
As regards the obejction that the higher denomination will tend to raise the cost of living, while a small denomination will tend to economy in prices, it must not be forgotten that, besides the unit of value there must be fractional currency, and that a 5-mace piece will prove more convenient than one of 7 mace.
Moreover the bulk of the people in their daily life mostly rely upon the copper currency, and if this has an unimpeded circulation there is no reason why habits of extravagance should be engendered.
But
currency are
not
It has been argued also that the value of a dollar approximates that of 1000 cash, and that with
fractional doin KO the principal and conveniently related calculations are simplified. 8.3 long as the legal ratios of the fixed the market rates must constantly vary, and as nearly all the public and private transactions involve the sub- exchange between silver and cash stitution of dollar values in place of the tael would only result in producing a complication of of odd fractions.
Another argument is that in all currencies coins should be reckoned by the pieces and not by the weight. But just as Dollars can be reckoned by the pieces, so also can the taels once they are struck into coins, and while the trouble of conversions and discounts will be saved, such coins will also fulfil the condition of correspond. ing in weight to their inscribed denomination.
|
THE HONGKONG WEEKLY PRESS AND
To extend our argument further afield: in all our transactions with other countries, foreign obligations have always been liquidated in terms of taels. The Native Customs revenue, also, is expressed in terms of K`u p'ing taels. Foreign Commerce is carried on entirely by means of exchange calculations, and the price of the pound sterling finctnates with the state of the silver market. By using a tael currency transactions can all proceed as before, and the extended use of such a coin cannot fail to prove advantageous.
The coinage of a tael currency was recom. mended by the Council of Finance. In Hupei and the New Dominion a tael currency has been in use for some years. The Board of Finance also held that if a silver currency were to be adopted there could be no harui in using a tael coin.
1
(November 23, 1908
(The rest of the Memorial contains no further suggestions of importance.)
PROHIBITION OF IMPORTATION OF MORPHIA INTO CHINA.
The following letter was read :-
Colonial Secretary's Office
2nd November, 1908. SIR.I am directed to transmit for the in- formation of the Chamber of Commerce the enclosed copy of a despatch from His Britannic Majesty's Minister at Peking with copy of the Notification issued by Sir J. N. Jordan, to His Britannic Majesty's Consuls at the Treaty Ports in China.
I am, &c..
The Secretary.
This, then, is also our present decision; and we have further moroadopted the suggestion of Tuan Fang to coin a large quantity of 5 mace pieces (half tals) to be of eqnal enrrency with C«qu the tael coins and be legal lender for any amount. Besides these 2 coins we propose that there should be 1 mace and 12 mace (5 candareens) pieces, as subsidiary currency. These coins will in the future take the place of the 10 cent and 5 cent pieces of the past, and will prevent the rise of prices or difficulties in the daily life of
people, besides forming part of pur preparations for a gold standard.
F. H. MAY, Colonial Secretary.
The Chamber of Commerce.
Peking, 16th October, 1908. STR. I have the honour to transmit here- with, for Your Excellency's information, copy of a despatch which I have addressed to Sir Edward Grey on the subject of the proposal of the Chinese Government to prohibit, under Article XI of the Mackay Treaty of Septem- her 5th, 1902, the importation, except for medi- cal purposes, of morphia into this country.
On the receipt of a Note from the Wai wu-pa informing me that the Treaty Powers had all consented to the enforcement of the prohibition I telegraphed to His Majesty's Principal use of this coin temporarily, as being known Secretary of State for Foreign Affairs propos- to the people and easy to establish. Buting to publish a warning notification to British if an uniform currency is to be sought, the standard can only be fixed after far-reaching investigation, and the present memorialists have formed the conclusion, after carefully weighing all considerations, that the long-established uses of the tael and its fraction—the mace, candareen and mil-can hardly be altered or abolished.
As regards the national dollar coined by the Board of Finance the year before last, as un!
intention was
make experiment. the
The most suitable weight for the standard coin will be the K`n Ping tael: and as regards fineness, it will be remembered that from the
་་
minting regulations drawn up by the Council of Finance and submitted to the Throne, it appeared that a tal's weight of so-called full touch silver, as generally used throughout China. actually contained when melted only 98 or 99 of a tael of pure silver: and they proposed therefore that a tael and 5 mace pieces should be '98 fine and 1 and 2 mare pieces 85 fine.
The recent memorandum of the Board of Finance observes further that Chinese sycee has never actually been 100 per cent fine. Recent best does not analysis have shown that the reach 985 touch. Supposing therefore that coins of 100 per cent pure silver were struck. the use of broken silver could not well be suddenly abandoned as soon as the new coinage appeared, and this, together with the use of Mexican dollars and Chinese Provincial Dol. lars which are all 6 odd in fiueness while passing for 6 odd of pure silver would lead to illicit melting down of the heavier coin, as in- In variably happens under such circumstances. the memoranda of Chang Chitung. Lu Chuan- liu and Yuan Shilt Kai it
abserved
that in the absence of a gold currency the unit must be 100 per cent fine though the subsidiary coinage could be about 9 touch. But objections have not been wanting, to show that a pure coin would be too soft for ordinary
use.
use
|
subjects. I have now received Sir Edward Grey's approval of this procedure, and the notification, which forms enclosure 4 to my despatch is accordingly being issued through His Majesty's Consuls at the Treaty Ports.
A King's Regulation making the Chinese Decree of prohibition binding on British subjects will shortly be promulgated. I have &c.,
J. N. JORDAN.
His Excellency,
Sir F. D. Lagard, K.C.M.G.. C.B., D.8.O.,
&c. &c. &c.
Circular
British Legation. Peking, 10th October 1908. SIR. enclose for your information and guidance copies of correspondence with the Waiwupu in regard to Article XI of the British Chinese Treaty of September 5th 1908, (Prohibition of the general importation of Morphia.) which it has been agreed shall be brought into operation from January 1st 1909.
You are requested to issue the Notification to British subjects which is enclosed, and to take whatever steps may be necessary to secure the proper fulfilment of the Treaty provisions pend. ing the issue of a King's Regulation which is under consideration.—I have &c.,
His Majesty's Consul.
Translation.
J. N. JORDAN.
PRINCE CHING TO H. M. MINISTER.
Peking, 28th September, 1908. SIR. --With reference to the question of pro- of Morphia into hibiting the importation China, I have the honour to inform Your Excellency that as a result of repeated repre- sentations on the part of this Board to the various Foreign Representatives in Peking. replies have now been received from each, signi. concurreNCO of their respective Governments in such a measure; and whereas effect should be given to this decision as soon as possible. it is now intended to prohibit the importation at any Chinese port, of Morphis or instruments for its injection from January 1st 1909.
Now it will he found that the Russian gold rouble piece weighs 6·554 grammes of which only 6 grammes is pure gold. The Japanesefying the gold yen, again. weighs 2:22 mace of which The remainder only 2 mace is pure gold.
it all passes for pure isalloy. bat in gold. The same is found in all countries Though we have not yet started a gold currency. and temporarily nse silver to take its place, we must certainly follow the same plan. From recent experiments in minting we find a silver tael coin with the addition of 3 per cent. alloy makes a strong and clear ringing coin. Of course the expense of minting has to be con- sidered and the labour and alloy. which is estimated at 3 per cent.. can be paid for out of the profits accruing from the subsidiary coinage. If this is unsufficient the profits from the copper currency could be drawn upon, and if that is still insufficient there remain the profits on the
paper currency
As regards the supply necessary for medical purposes, the following method of procedure has been elaborated :-
+
Any foreign doctor wishing to import mor phia must execute a bond before his Consular. Authorities declaring that it is for his own use or solely for use in a specified hospital." Any foreign druggist wishing to import morphia must similarly execute a bond before his Consular Authority pledging himself not to retail it without a foreign doctor's prescription. and
Bren
when a